Oil prices hovered around their highest level in nearly nine months as traders await crucial US inflation data.
The market was also closely monitoring the tense situation between Russia and Ukraine, considering the impact it could have on oil supply. Additionally, OPEC’s monthly report is due to be released on Thursday.
While US government data showed crude inventories rose by nearly 6 million barrels last week, investors turned their attention to declines in gasoline and distillate stocks, which fell by the most in three months. WTI crude oil is trading near $84 after rising 3% over the previous two days.
UPD: Brent oil price reached $88 per barrel for the first time since January 27. Meanwhile Russian Urals – $73.73 per barrel, which is above the set price cap.